North American financial markets reopen Tuesday after the Labour Day long weekend. The week brings interest rate announcements from Canada and Europe, as well as earnings results from Canadian Western Bank and Laurentian Bank.

On Wednesday, the Bank of Canada releases its key policy interest rate. Economists expect the rate to remain unchanged at 4.5%.

On Thursday, Statistics Canada reports on building permits in July. Economists forecast a decline of 1.5%.

Meanwhile, the Ivey purchasing managers index is expected to rise to 57 from 54.6 the previous month.

On Friday, StatsCan releases its labour force survey for August. Economists expect the unemployment rate to rise to 6.1%, from 6%. Payrolls are expected to grow by 16,500 jobs.

U.S. and overseas

On Tuesday, the U.S. Institute for Supply Management issues its manufacturing index for August. Economists expect a drop to 53 from 53.8 the previous month.

Meanwhile, the U.S. Commerce Department reports on construction spending in July. No change is expected from the previous month.

Separately, the U.S. Commerce Department reports on car and truck sales in August. Economists forecast annualized domestic vehicle sales of 11.9 million.

Overseas, the European Commission issues its quarterly growth forecast for the euro zone.

On Wednesday, the U.S. National Association of Realtors releases its pending home sales index for July. Sales are forecast to fall 2%.

Overseas, The Organization for Economic Co-operation and Development presents an interim report on the economic outlook for Europe, the United States and Japan.

On Thursday, the U.S. Labor Department reports initial jobless claims for the week ended Sept. 1. Economists forecast 328,000 new claims.

Separately, the U.S. Labor Dept. reports on productivity and costs for the second quarter. Economists forecast non-farm productivity gains of an annualized 2.4%, compared with 1.8% in the prior quarter. Unit labour costs are expected to have risen 1.6%, compared with 2.1% in the prior period.

Meanwhile, the U.S. Institute for Supply Management issues its non-manufacturing index for August. Economists expect a drop of 54.5 from 55.8 the previous month.

Overseas, the European Central Bank and the Bank of England make interest rate announcement.

On Friday, the U.S. Labor Department issues its jobs report for August. Economists expect the unemployment rate to remain unchanged at 4.6%; non-farm payrolls are expected to grow by 105,000 jobs.

Also, the U.S. Commerce Department reports on wholesale inventories for July. Economists expect a gain of 0.5%.

Corporate earnings

Canadian Western Bank and Laurentian Bank of Canada report third quarter earnings on Thursday.

Other companies expected to release quarterly results include:

  • Forzani Group;
  • Wi-LAN;
  • Reitmans;
  • Descartes Systems Group;
  • MDS;
  • National Semiconductor;
  • Transat A.T.; and
  • Patheon.